RAK Properties has reported double-digit growth in its net profit for 2017, declaring revenues of $85m (AED313m) for the fiscal year.

The company’s net profit increased by 10% to $52m (AED192m) in 2017 compared to $48m (AED175m) declared for 2016. Earnings per share increased to AED0.10 compared to AED0.09 reported in 2016.

Net operating profit increased by 14% to $56m (AED204m) for the same period compared to $49m (AED179m) reported in 2016.

RAK Properties also reported a total assets jump of 3.5% to $1.4bn (AED5.2bn) at the end of 2017.

RAK Properties managing director and chief executive officer Mohammed Al Qadi said: "The company’s strategic growth initiatives highlight its commitment to long-term value creation for the shareholders. The double-digit growth in our net profit for 2017 reflects the success of our focus on delivering high-quality lifestyle properties."

Hospitality was a key driver for the company’s growth last year, bolstered by the handover of the 157-key Bermuda Villas in Ras Al Khaimah’s Mina Al Arab.

RAK Properties currently has two international hotel brands under construction expected to be completed in 2019.